In May, the Innovation and Technology Agency of Georgia announced a 5-year tender worth GEL 19.5 million. The winning company will also have the obligation to accelerate the Georgian startups in the coming years.
The only bidder in the tender was 500 Startups Incubator, which offered to provide this service to the state at GEL 17.5 million.
The Innovation Agency requires from the winning company in the tender (directly or with the help of partners) to establish a fund of at least 2,000,000 dollars, which will finance the Georgian startups in the form of "Seed" capital. In addition, the company is obliged to implement 4 million dollars worth of marketing activities.
Reportedly, 500 Startups Incubator offers the state to invest 5 million dollars in these startups. In addition, the aforementioned investments will be made by the partner of 500 Startups Incubator in Georgia - JSC "Digital Area", which is a subsidiary of "The Bank of Georgia" in the direction of the development of the digital ecosystem.
The partner of 500 Startups in Georgia is "The Bank of Georgia", with the support of which the 500 Georgia startup acceleration project was implemented.
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